(Reuters) – The European Union on Friday formally adopted its fifth package of sanctions against Russia, including a ban on the import of coal. Existing contracts will have to be terminated by the second week of August, meaning that Russia can continue to receive payments from the EU on coal exports until then. Britain said this week it would ban imports of Russian coal by the end of 2022. The bulk of Russian exports are of thermal coal used in power stations, but it also ships metallurgical coal used in steel blast furnaces. The impact on the met coal market is expected to be less than on the…